By Steve Agbota
The Nigerian Maritime Administration and Safety Agency (NIMASA) has plans to engage the Nigerian Navy over efforts to review the Memorandum of Understanding (MoU) guiding the $195 million Integrated National Security and Waterways Protection Infrastructure project otherwise known as the Deep Blue project to enhance its visibility on the nation’s waterways.
Reacting to complaints by indigenous ship-owners over poor visibility of assets of the Deep Blue projects during the 2024 Stakeholders Engagement meeting held in Lagos with the Minister of Marine and Blue Economy, Gboyega Oyetola, the Director General of NIMASA, Dr. Dayo Mobereola said that talks will be held with the Naval hierarchy to better improve the Deep Blue assets.
“Since my assumption as the DG of NIMASA, I have met with the Chief of Naval Staff three times on this particular Deep Blue project. I can assure you that very soon, we are going to have a new Memorandum of Understanding that will make the Deep Blue project more impactful and visible,” he said.
According to him, the new agreement will ensure the project is directed to the agenda and purpose behind its creation.
On the cabotage waiver, the NIMASA DG assured that modalities will be reviewed to ensure that the regime is in the best interest of indigenous ship-owners and not in favour of foreigners.
On the charging of war risk surcharges on Nigerian bound cargoes by foreign insurance underwriters, the NIMASA DG explained that the Federal Government will soon be sitting down with these foreign insurance firms to know why war risk premiums are being charged on Nigerian cargoes when the nation is not at war.
“The last time Nigeria was at war was in 1966. We will all be meeting with the foreign insurance underwriters to know why we are still paying this premium,” the NIMASA DG added.
Delivering the keynote speech earlier during the meeting, the Minister of Marine and Blue Economy, Adegboyega Oyetola, said the ministry is exploring fiscal and trade policies to promote greater participation of Nigerians in the shipping industry.
He said the ministry is committed to unlocking the Cabotage Vessel Finance Fund (CVFF) for disbursement to support the growth and development of shipping businesses in the country.
According to him, the attention of the ministry to the shipping industry is holistic, encompassing investments in fleet, improvement of regulatory frameworks, and upscaling of local manpower and capacities.
“Our efforts to enhance efficiency, transparency, and competitiveness in the sector are already yielding positive results. The NIMASA Act has promoted safety standards, enforced regulations, and boosted investors’ confidence. We are exploring fiscal and trade policies to promote greater participation of Nigerians in the shipping industry.
“A major part of the plan is to unlock the Cabotage Fund for disbursement to support the growth and development of shipping businesses in the country. The Ministry is committed to delivering this soonest.
“Our attention to the shipping industry must be holistic, encompassing investments in fleet, improvement of regulatory frameworks, upscaling of local manpower and capacities, fine-tuning of operational efficiencies, and of course increasing turnover and revenue.
“We must work together to reverse unfavourable terms of trade in the sector for the benefit of our economy. Moving forward, our collective resolve must be to foster collaboration among regulators and stakeholders to streamline processes and enhance efficiency,” he explained.
The Minister revealed that the government identified the maritime sector as a pivotal area of focus, and the ministry is committed to creating an enabling environment for businesses to thrive.
“As we navigate the complex waters of global trade and economic uncertainty, we must recognise the significance of the marine and blue economy sector in stimulating national economic growth and development. The government has identified this sector as a pivotal area of focus, and we are committed to creating an enabling environment that supports your businesses and promotes the growth of the sector as a whole.
“Ship owners and operators are the backbone of the maritime sector, contributing to trade, transportation, and job creation. We acknowledge the challenges you face, from safety and security concerns to regulatory hurdles and market fluctuations. It is the resolve of government to address these challenges and foster a conducive environment for your operations,” he stated.